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REUTERS/Brendan McDermidFox News Channel host Bill O'Reilly on the set of his show "The O'Reilly Factor."

The host of the nightly news show "The O'Reilly Factor" has been at the center of massive scandal following a story published by The New York Times earlier this month, which detailed how he has faced a series of sexual harassment allegations and other inappropriate behavior in the past.

The scathing story also reported that a total of five women have received payouts totaling to roughly $13 million from either O'Reilly or 21st Century Fox as hush money to prevent them from pursuing litigation or speaking about their accusations against him.

As a result of this report becoming public information, over 50 advertisers pulled their advertisements from "The O'Reilly Factor." And though it initially seemed like 21st Century Fox was standing by O'Reilly after the report broke out, the network has now announced officially that the host is out at Fox News.

Over the course of "The O'Reilly Factor," which has aired since 1996, the nightly news show generated $500 million in revenue for Fox News and was one of the most profitable shows on cable television. His most recent salary was $20 million per year, while his current net worth is valued at $85 million, according to Celebrity Net Worth.

Now that O'Reilly has been forced out of Fox News Channel, it remains unclear if the network will be paying him some form of severance. In theory, if he is still under contract, the company could be compelled to pay the remainder of what he is owed.

However, claiming that amount from the company would entail having him sign a non-compete contract that would prevent him from getting hired anywhere else for the duration that he is being paid by Fox. He could also choose to forgo the money and take his chances of getting hired by any rival network that would possibly be interested in working with him.

Fox News has confirmed that Tucker Carlson will be taking over the 8 p.m. eastern time slot of O'Reilly's show. "The O'Reilly Factor" will continue to air for the rest of the week with guest hosts.